Check your insurance policies ahead of Easter, body warns

Check your insurance policies ahead of Easter, body warns | Insurance Business

Check your insurance policies ahead of Easter, body warns
Consumers are being urged to check their home and contents insurance policies in the run up to Easter to ensure they are protected if their properties are burgled while they are away over the holiday period.

The ICA says that insurers usually see a spike in home burglaries over Easter, and many households have either not insured their contents or are underinsured.

ICA CEO Rob Whelan said: “Families are looking forward to a visit from the Easter Bunny, but their visitor might actually be someone more sinister – an opportunistic thief.

 “Your visitors won’t be leaving chocolate eggs – they might be walking off with your home entertainment system, flat screen TV or PlayStation. If you’re not insured, or don’t have enough insurance to replace what’s been stolen, you could be coming home to a huge financial headache.”

He said homeowners in high crime areas are not only at greater risk but a quarter of homeowners and renters who live in areas with high crime rates don’t have contents insurance.”

An Understand Insurance survey of more than 900 people shows renters are particularly exposed.

Two- thirds of Australian renters do not have contents insurance, while four in five homeowners underinsure their home and contents. The most commonly underinsured items are jewellery and artwork.

“Before you leave, check your home and contents policies and make sure your sum insured is up to date,” Whelan said. “If you need to change it, contact your insurer. You might also wish to consider domestic travel insurance, which can cover emergency accommodation, hire car excesses and cancellations.”

Understand Insurance’s Holiday Checklist offers handy tips for holidaymakers. It can be downloaded here.